Search Results for: euro

Germany accelerates gold repatriation as confidence in euro plunges

Germany gold repatriation euro

Berlin is bringing home its gold reserves stored in New York, London and Paris faster than scheduled, Germany’s central bank said Thursday. The move is linked to surging euroskepticism, as new governments in France and Italy may ditch the single currency. The German Bundesbank has already moved 583 tons of …

Read More »

How Greece was robbed by the bankers

Greece flag thinking Aristotle

Every single mainstream media has the following narrative for the economic crisis in Greece: the government spent too much money and went broke; the generous banks gave them money, but Greece still can’t pay the bills because it mismanaged the money that was given. It sounds quite reasonable, right? Except …

Read More »

Iran to dump US dollar in oil trade, settle in euro instead

US dollar dumped oil trade

Iran wants post-sanctions’ oil contracts denominated in dollars and have buyers pay in euros, Reuters reported. Tehran is also keen to receive money owed to it since the pre-sanctions days in the European currency. The country’s crude deliveries are to be restored soon, with companies such as the French giant …

Read More »

The countdown to the break up of the Euro has officially begun

The results of the elections in France and Greece have made it abundantly clear that there is a tremendous backlash against the austerity approach that Germany has been pushing. All over Europe, prominent politicians and incumbent political parties are being voted out.  In fact, Nicolas Sarkozy has become the 11th …

Read More »

Russia admits it’s dumping USD and Euro for gold

Russia USD Euro Gold

Editor’s note: this article is sourced from RT so it’s straight from the Kremlin’s mouth  A message to other nations to follow suit perhaps? Russia is taking steps to ensure that it protects itself from any future dollar or euro sanctions. Moscow boasts the world’s 5th biggest foreign exchange reserves and …

Read More »

Switzerland ends its peg to the euro, Swiss franc surges

Swiss National Bank Swiss franc SNB

By ending its three year currency peg to the weakening euro, Switzerland has become the first major economy to surrender in the international currency war, and in so doing has given a long-delayed victory to the Swiss people. Contrary to the indignant reaction by the media and financial establishment, the decision is …

Read More »

Croatia joins failing EU amid economic recession at home

Croatia EU

Croatia will be officially recognized as a European Union member at midnight on Sunday (last Sunday), becoming the 28th state to join the bloc. Over 170 foreign officials, including 15 heads of state and 13 prime ministers, are expected to attend the grand ceremony in the capital, Zagreb. European Commission …

Read More »

Putin drafts bill to dump the dollar and euro

Putin Russia

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries. This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union. “This would help …

Read More »

Youth unemployment in Greece hits 58%

Greece EU

Greek unemployment rose to 25.4pc in August. Youth unemployment rose to 58pc. Under the official forecast, the economy will contract by a further 4.5pc next year, so it fair to assume that lots more people are going to lose their jobs. It is certainly not going to improve in any …

Read More »

ECB to launch €1.1 trillion of quantitative easing

ECB Mario Draghi

Mario Draghi, president of the European Central Bank, has announced that he will pump €1.1tn at a rate of €60bn a month into financial markets until September 2016, in an attempt to prevent the fragile eurozone economy from grinding to a halt. In a keenly anticipated announcement at the ECB’s headquarters in …

Read More »

‘Leave Euro, reclaim your democracy!’ Nigel Farage to Tsipras

Nigel Farage speech Euro EU

UKIP leader Nigel Farage gave a rousing speech in front of the European Parliament in Strasbourg today during which he directly told Greece’s Prime Minister Alexis Tsipras to lead the Greek people out of the Eurozone and reclaim the country’s democracy. Farage told Tsipras that his country should have never …

Read More »

Punk Economics 5: The world slows & euro crisis far from over

The Punk Economics series by Irish economist David McWilliams is a great way to get up to speed as to what is going on with the world economy in a quick, fun and easy to digest manner. Here’s Part 5: [youtube height=”400″ width=”550″]http://www.youtube.com/watch?v=wJ-l1LIdWOU[/youtube]   Click here to see: Part 1-3 and Part 4.

Read More »

Anti-Euro party may block Germany’s Merkel from victory

Alternative for Deutschland

The biggest threat to German chancellor Angela Merkel’s winning next Sunday’s elections may be a new anti-Euro party called Alternative For Deutschland. The latest INSA poll for the Bild newspaper chain shows the new party hitting the 5 percent percent threshold it needs to enter Germany’s parliament. Merkel’s coalition partner, …

Read More »

BRICS dumping euro amid simmering EU banking crisis

euro-set-back-a-generation__-by-eu-banking-crisis.si

People withdraw money from Bank of Cyprus ATM’s while employees gather outside the bank’s headquarters in Athens. Brussels has been forced to eat a generous slice of humble pie: A massive sell-off of the euro is underway in the wake of a persistent financial crisis, as holdings in the European …

Read More »

Europe: the real deal

The media is rife with misrepresentations and analysis of the EU. Here’s the real deal.  1)    The ECB is tapped out. Having provided over €1 trillion in funding via LTRO 1 and LTRO 2, taking on over €700 billion in PIIGS debt putting its own solvency at risk, it simply cannot …

Read More »

If Greece exits, here is what happens

Now that the Greek exit is back to being topic #1 of discussion, just as it was back in the fall of 2011, and the media has been flooded by groundless speculation posited by journalists who have never used excel in their lives and are merely paid mouthpieces of bigger bank interests …

Read More »

Greece back to the Drachma?

Traders around the world have been staring at their Bloomberg screens, hardly believing their eyes. The electronic information platform has been showing details for possible Greek Drachma trading. The Bloomberg helpdesk described it as “an internal function which is set up to test.” The news comes in the wake of the …

Read More »

Beppe Grillo wants Italians to vote on leaving the Euro

beppe grillo movimento cinque stelle

Beppe Grillo, the leader of Italy’s nascent Five-Star Movement catapulted into power by last week’s Italian elections, is causing a bit of a stir this weekend. Yesterday, Grillo told German weekly news magazine Focus that given the dire straits Italy’s economy is in, if things didn’t change, Italians would want to leave …

Read More »

Bank of Cyprus to cut 30% off deposits over €100,000

Cyprus banking crisis

Cypriots and foreigners wait in line to withdraw money from an ATM of a Laiki (Popular) Bank branch in the old city of the capital, Nicosia. Depositors in the Bank of Cyprus, the biggest bank on the island, will reportedly lose 30 percent on their holdings above 100,000 euros, the …

Read More »

Italy to ban cash transactions over €50 in 2013

Italian flag

You won’t even be able to fill up your car without a credit or debit card in Italy beginning in 2013, as the Italian Council of Ministers has voted to increase the current capital controls banning the use of cash on transactions over €1,000, down to any transaction over €50! As …

Read More »